By Dena Beasley and Michael Arman
(Reuters) – Gilead Sciences Inc. posted worse-than-expected results on quarterly results, but raised its 2020 sales forecast to include revenue from its antiviral drug remediesvir, which COVID-19 patients One of the only treatments shown to help.
Gilead said its total sales are expected to be $ 23 billion to $ 25 billion, up from its previous range of $ 21.8 billion to $ 22 billion.
Jefferies analyst Michael Yee said, “We think this is in the form of remodesvir ranging from $ 1 billion to $ 3 billion. This is a positive thing that was not expected at the beginning of the year.”
According to Refinitiv, Gilead’s second-quarter sales fell nearly 10% from a year earlier to $ 5.1 billion, well below the average analyst’s $ 5.3 billion.
The results showed weak sales of Giloy’s hepatitis C drugs and major HIV treatments during the coronovirus epidemic lockdown. The company said it expects to resume its HIV drugs and hepatitis C sales in the current third quarter.
Adjusted earnings for the second quarter of $ 1.11 per share fell short of analysts’ average estimate of 34 cents.
Shares of the guild, which closed nearly 1% in regular trading, were down 3.5% at $ 69.80 in extended trading.
Gilead’s second-quarter sales of HIV drugs fell 1% from a year earlier to $ 4 billion, while drug sales to cure hepatitis C fell by 47% to $ 448 million due to fewer new patients and competition from rival drugs. Has gone.
This month Gilead began commercial sales of Remedisvir, which is offered to hospitalized patients. The drug was authorized for emergency use by the US Food and Drug Administration in May, as it demonstrated the ability to remain hospitalized for COVID-19 patients, but has not yet received full US approval. It was approved in Japan.
Demand for remedisvir continues to increase supply in many parts of the world.
On the conference call Gilead’s chief executive, Daniel O’Day, said the company hoped by the end of September that it could produce sufficiently to meet real-time global demand.
Gilead said it still expects a manufacturer of at least 2 million or more remediswear treatment courses in 2020, and its revenue outlook reflects expected sales of 1.5 million courses this year.
The company said that it has started an inhalation clinical trial of Remedisvir, which aims to deliver the drug to lung tissue more effectively. Gilead plans to study the drug in patients with first-stage COVID-19.
The US National Institute of Allergy and Infectious Diseases is currently undergoing a trial of Remedisvir, an arthritis medicine from Olimiant, Eli Lilly & Co., and those results are expected next month.
So far, only Remedisvir and the generic steroid dexamethasone have been shown in rigorous clinical trials to help patients with COVID-19.
(Reporting by Dena Beazley and Michael Erman; Editing by Bill Burcott and Leslie Adler)